Is Bitcoin the top? Bitcoin MVRV score has an answer

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Bitcoin is Starts to get closer to inch Again, it pushed to a $110,000 in the daytime high of $108,116, and is currently trading above $107,000. Despite retracements of less than $99,000 over the past week, Bitcoin’s current price action is The wider market is still bullish.

In particular, the recent price action has begun in the last 24 hours. For quiet questions Whether Bitcoin has already reached the top of this cycle. The MVRV Z-score may provide a clear answer, pointing in a very different direction than what some would expect.

MVRV Z-Score says Bitcoin has room to run

First posted according to Crypto Analyst Doctor Prote On-Chain Analysis of Bitcoin, MVRV Z score on social media platform X shows that BTC is still far from the top of the cycle. The MVRV Z-score is an established on-chain metric used to determine whether Bitcoin is overrated or underrated.

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As analysts pointed out, current levels With MVRV Z Score Metric It’s slightly outperformed 2, which has been a relatively neutral zone since Bitcoin’s creation. Bitcoin only reached its main top in past cycles when this metric rose to the red zone and exceeded its value above about 8.

The overall Bitcoin price chart shared by doctors’ interests supports this claim. The peaks of the orange MVRV Z scoreline are shown in the red shaded zones on the chart below. These red zones are almost perfectly aligned with the top Bitcoin price for 2011, 2013, 2017 and 2021. Meanwhile, despite the new record surge in May, the current cycle is You can’t push the price of Bitcoin yet That overheated area. Instead, the chart shows that the Z-score is still in a much lower band. This is summarised to show that Bitcoin prices may be on the left side, which is very important.

MVRV vs Price: What does Bitcoin’s current setup mean?

One of the details that stands out in the current cycle is the low-high patterns formed by the MVRV Z-score, as seen in the charts. Unlike the older cycles where metrics have surged into extreme overestimated zones of over 10, the most recent peaks are significantly suppressed. This trend could be interpreted as a signal that the market is beginning to mature, or that Bitcoin may already be present. Get closer to the peak of the current cycle.

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However, this pattern is worth noting, but it is far from being definitive. The only crucial fact is that Bitcoin’s price has never reached the top of the decisive cycle until the MVRV Z score is pushed into the red zone. There is no set price peak from the metric, but other analysts offer a wide range of predictions as to where they will land. Prediction of Bitcoin price peak range Anywhere from $150,000 to $500,000.

At the time of writing, Bitcoin has traded at $107,740, up 1.4% over the past 24 hours.